Estate Administration Attorney: 6 Reasons To Hire One in NJ
Estate administration seems like a simple process: the decedent has predetermined their heirs to receive certain assets, and you now have the task of distributing properties, retirement funds, and a lot more. However, the truth is that there is a lot of work that goes into completing estate administration. The process can take some time to complete, and without the proper guidance from experienced estate administration attorneys in New Jersey costly mistakes can be made.
The good news is that if you have been named as the Executor or you have been appointed the Administrator of an estate, you don’t have to face the administration process alone. Here are five reasons why you need assistance in navigating through estate administration:
Reason #1 -- Collecting Information
This process requires you to go through the decedent’s entire list of assets and properties. You also have to determine how they titled those assets (usually, this information is found in the decedent’s last will & testament or living trust). However, perhaps certain assets were never taken into account, which can create some confusion in how you administer the estate of a deceased relative. An estate administration attorney can provide you with the insight that you need to locate these assets so that they can be taken into account for the estate.
Reason #2 -- Intestacy Laws
In some cases, the decedent may not leave behind a last will & testament, which means that assets will be left to beneficiaries according to the laws of intestacy. These are a collection of laws that facilitates the process of determining heirs who are next in line to inherit the decedent’s estate. Intestacy laws can be pretty complex and difficult to navigate on your own, especially if the decedent has a large family and left behind a sizable estate.
Reason #3 -- Avoiding Family Disputes
The truth is that estate administration can cause some strife amongst family members, especially if someone is disputing the validity of the decedent’s will. Without any professional assistance, you could end up making huge mistakes in managing and distributing assets. Your job is to ensure that everyone receives their proper inheritance, and you shouldn’t let any family members sway you otherwise. Moreover, hiring an attorney will help give the beneficiaries you are dealing with another point-person for them to speak to and keep your time free to do the things you want to do most.
Related post: 7 Estate Planning Mistakes That You Must Avoid
Reason #4 -- Handling Creditors
When someone passes away, creditors will receive a notice and then request payment for any outstanding debts. It’s the role of the executor to ensure that all of these debts are paid prior to distributing any assets to any beneficiaries. It’s imperative that meticulous records are kept during this period to ensure that there is no other outstanding debt so that each heir receives the amount that is due to him or her.
Reason #5 -- Estate Administration Can Become Time-Consuming
With everything that’s discussed in this article, you should now have a clear understanding of how much work goes into settling someone’s estate. Even with an estate plan in place, which will help simplify the entire process, you still have to account for certain legal obstacles and other unpredictabilities. Is there a way in which you can save time and avoid any potential mishaps? You certainly can by retaining an estate planning and probate attorney.
Related post: 5 Estate Planning Documents You Need to Have
Reason #6 – Filing Tax Returns
New Jersey has an inheritance tax that might force you to file an inheritance tax return. Similarly, there is a federal and New York estate tax that you might have to navigate through and file a federal return (there is no estate tax in New Jersey). Drafting and filing these returns is essential and if you have never done it before it can be an ordeal. An attorney can file those returns for you, and coordinate with your accountant to handle the estates income tax returns.
The estate administration attorneys at Borenstein, McConnell and Calpin are among the most trusted attorneys who can settle your estate. We serve a wide range of clients throughout New Jersey and New York, ensuring that every estate administration case that we handle is settled according to the letter of the law. If you have any questions, feel free to give us a call! You can also schedule an in-person appointment with one of our New York or New Jersey estate administration attorneys.
Getting in touch
Borenstein, McConnell & Calpin, P.C. is a Wills & Estate Planning law firm serving Central and Northern New Jersey, as well as New York City. We strive not only to give you a great client experience, but to become your trusted adviser for life. To reach Alec, please send an email to firstname.lastname@example.org.
155 Morris Avenue, Suite 201
Springfield, NJ 07081
3 Werner Way, Suite 230
Lebanon, NJ 08833
4607 Fort Hamilton Parkway
Brooklyn, NY 11219